LGBTQ-focused dating app Grindr Inc (NYSE:GRND) made a splash in its first day of trading on the New York Stock Exchange.
Following the completion of the social networking platform's merger with special purpose acquisition company (SPAC) Tiga Acquisition Corp, shares of Grindr shot up over 400% on Friday morning before settling around 280% higher by midday.
The deal valued Grindr at around US$2.1 billion.
READ: Bumble rockets on market debut just before Valentine's Day
In a statement Friday, Grindr said that its adjusted EBITDA margins “ranked at the top tier of its industry” for the years ended December 31, 2020 and 2021 and for the six months ended June 30, 2022 and 2021, as well as a “large and untapped global TAM (total addressable market)” with attractive user demographics.
"Today marks an important milestone not only for the team at Grindr, but for the LGBTQ community we serve. We enter the public markets with momentum, carried by our market leadership, strong financial performance and significant growth runway as we step up investment in our core product and services,” CEO George Arison said in a statement.
“I am thrilled to work with our team and investors as we continue expanding our platform and enhance the critical social infrastructure for a traditionally underserved community."
Shares were trading just above US$38 by midday Friday in New York.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas